Deborah Akinyosoye
The House of Representatives’ Ad-Hoc Committee on the Economic, Regulatory, and Security Implications of Cryptocurrency Adoption and Point-of-Sale (PoS) Operations has reaffirmed its commitment to creating a clear and sustainable legal framework for digital assets, stressing that innovation should thrive without compromising financial integrity or security.
The committee, chaired by Rep. Olufemi Bamisile, made the announcement on Monday during a stakeholder session in Abuja with cryptocurrency operators, fintech innovators, and regulatory officials. The meeting was described as a significant step in advancing Nigeria’s digital finance ecosystem.
Speaking at the session, Bamisile said the goal was to develop a framework that supports innovation while ensuring transparency, accountability, and security. He urged security agencies, including the Nigeria Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC), to build technical expertise in blockchain technology.
“Not every young Nigerian with a laptop and a crypto wallet is a fraudster,” Bamisile emphasized, highlighting the importance of informed regulation that distinguishes between legitimate innovation and illegal activity.
Other committee members, including Hon. Kama Nkemkama and Hon. Akinosi, pledged that the House would produce legislation that is inclusive, fair, and aligned with global best practices.
The session featured robust discussions with key industry players, including Buchi Okoro (Quidax), Moyo Shodipo (Busha), Olaniyi Atose (KoinKoin), Oluwasegun Kosemani (Botmecash), Ayotunde Alabi (Luno Nigeria), and Emeka Ezike (Bitbarter), among others. Representatives from major associations such as the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), VASPA, BEAN, and Convexity commended the committee for hosting what they described as “an inclusive dialogue between regulators and operators.”
Mawahin Adams, co-founder of Nigeria Women Bitcoiners, called for gender inclusion in digital asset policymaking and proposed a National Digital-Asset Literacy and Inclusion Programme. She suggested that a portion of regulatory fees be devoted to public awareness, particularly among women and youth.
During the meeting, SEC officials, including Abdulrasheed Mohammed, Head of Fintech Innovations, explained the operations of the Securities and Exchange Commission’s (SEC) regulatory sandbox, which allows supervised innovation within a controlled framework.
Bamisile emphasized balancing regulatory oversight with entrepreneurial growth. “Rather than punish innovation, we should strengthen supervision and taxation through agencies like FIRS to ensure the sector contributes meaningfully to Nigeria’s digital economy,” he said.
Stakeholders also highlighted the importance of avoiding premature taxation of digital assets, recommending an incentive-based approach to encourage compliance. Some advocated for developing homegrown regulatory technologies to monitor digital transactions while promoting local capacity and job creation.
The committee plans to present recommendations to guide the House in establishing Nigeria’s first comprehensive legal and regulatory framework for cryptocurrency and digital finance operations.